Southeast Asia Adhesives and Sealants Market Growth | 2031

Report Description

The Southeast Asia adhesives and sealants market size size was valued at USD 3 Billion in 2022 and is projected to reach USD 5.29 Billion by 2031, expanding at a CAGR of 6.5% during the forecast period 2023-2031. The growth of the market is attributed to the rising application in the packaging industry and growing demand from the construction industry.

Adhesives and sealants are used for providing heat resistance, sealing, bonding, and lowering vehicle weight in various applications, especially in the automotive sector. Automotive adhesives and sealants are used in a wide range of applications from small components ranging from sensors to large components such as automobile chassis. One key aspect of the extensive use of adhesives is that these materials reduce the overall vehicle weight and improve fuel efficiency at the same time.

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Sealants are more flexible than adhesives as they have better tensile and shear strength, making them appropriate for a variety of bonding and holding applications. Vinyl acetate monomer, ethylene, acrylics, polyester resins, epoxide resins, and propylene among other raw materials are utilized to make the bulk of adhesives used in the automotive industry nowadays.

The COVID-19 outbreak has brought a negative impact on the Southeast Asia adhesives and sealants market owing to a decline in the manufacturing output of adhesives globally. The sharp decrease in demand for adhesives across the end-use industries such as automotive & transportation, building, and construction, aerospace & defense, packaging, & consumer is another factor that hampers the market during the pandemic. The market is projected to resume an uptrend operation soon owing to the gradual subsiding of COVID cases across the countries.

Southeast Asia Adhesives and Sealants Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for adhesives and sealants due to the rising activities of building and construction especially in developing countries is expected to boost the market growth in the coming years.

• Wide applications of adhesives for packaging materials of food & beverage products are another key driver of the market.

• Stringent environmental regulations for eco-friendly production present a major challenge. This is anticipated to hamper the market growth in the projected period.

• Fluctuating raw material prices associated with adhesives and sealants are expected to restrict market growth in the coming years.

• The rapid introduction of green, non-hazardous, and sustainable adhesives is projected to create significant growth opportunities for the market in the near future.

Scope of Southeast Asia Adhesives and Sealants Market Report

The report on the Southeast Asia adhesives and sealants market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Southeast Asia Adhesives and Sealants Market Segment Insights

Based on products, the Southeast Asia adhesives and sealants market is divided into polyvinyl acetate, polyurethane, silicone, acrylic, and others. The silicone segment is expected to grow at a rapid pace during the forecast period owing to the wide adoption of silicone as a core material for adhesive in infrastructure development along with rising construction activities. However, the polyurethane segment is anticipated to hold a key share of the market in the coming years due to excellent properties such as good abrasion, fast curing, chemical resistance, and excellent bond strength on different substrates.

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In terms of technology, the market is segregated into solvent-borne, water-borne, reactive, hot melt, and others. The solvent-borne segment is further divided into polyacrylate, styrene-butadiene rubber, and others. The water-borne segment is sub-categorized as ethylene vinyl acetate emulsion, polyurethane dispersion & chloroprene rubber latex, acrylic, polyvinyl acetate emulsion, and others.

The reactive segment is further segmented into cyanoacrylate, polyurethane, modified acrylic, epoxy, silicone, anaerobic, and others, while the hot melt segment consists of thermoplastic polyurethane, ethylene vinyl acetate, styrene block copolymers, and others. The reactive segment is projected to expand at a considerable CAGR during the forecast period attributed to certain advantages such as strong adhesion properties to a wide range of substrates, higher heat resistance, and high manufacturing speed owing to short setting time.

On the basis of end-users, the Southeast Asia adhesives and sealants market is segmented into transportation, paper, board, & packaging, building & construction, woodworking & joinery, footwear & leather, healthcare, electrical & electronics, and others. The building & construction segment is anticipated to hold significant market share in the coming years owing to rapid technological and architectural innovation across the segment. However, the paper, board, & packaging segment is anticipated to hold a key share of the market in the coming years due to rising demand for packaging products in the healthcare sector such as surgical masks, PPE kits, and others.

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In terms of geography, the market is classified as Indonesia, Malaysia, Singapore, Thailand, Vietnam, and the Philippines. Indonesia is expected to constitute a key share of the market during the projected period owing to increasing spending in healthcare infrastructure across the country. However, the market of Malaysia is anticipated to expand at a rapid pace during the forecast period attributed to growing construction activities in the country.